Sealed Bids

Occasionally, a vendor in England or Wales may invite sealed bids - this is standard practice in Scotland.

There are two kinds of bids, a formal or an informal tender:

Formal Tender

The sale is complete and binding on both parties once the bids are opened and a bid is accepted.

Informal Tender

A sealed bid is subject to a survey and contract, and either party can withdraw until contracts are exchanged.